Market ends week with a thud. Dow down 200 points and tech stocks tank

Remember the stock market surge Wednesday after the midterm elections? Investors took a bite out of those ga...

Posted: Nov 10, 2018 10:06 AM
Updated: Nov 10, 2018 10:06 AM

Remember the stock market surge Wednesday after the midterm elections? Investors took a bite out of those gains Friday.

The Dow finished the day down 202 points, a drop of nearly 0.8%. The S&P 500 fell almost 1%. And the Nasdaq was down about 1.7%, dragged lower by big drops in shares of tech titans Apple (AAPL), Amazon (AMZN) and Google owner Alphabet (GOOGL).

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Concerns about the continued slide in oil prices as crude fell for the tenth straight day and the possibility the US-China trade war will lead to a slowdown in China's economy dragged the broader market lower.

A stronger dollar wasn't helping either, since the rise of the greenback eats into profits of blue chip US firms.

Investors were also still digesting Thursday's announcement from the Federal Reserve. The Fed did not raise rates but strongly suggested another hike is coming in December. That was also one of the reasons for the dollar's gains.

The market may be underestimating how many more rate hikes there will be, Larry Hatheway, chief economist at GAM Investments, told CNN Business.

"The Fed has consistently raised rates more than expected. That may continue to be the case," he said. Hatheway added that investors may also be growing nervous about earnings growth slowing in 2019 and that rising wages will eat into profit margins.

But despite Friday's losses, the broader market should still end the week in positive territory -- thanks to the post-Election Day rally Wednesday.

Investors cheered the possibility of gridlock in Washington as Democrats won control of the House while Republicans maintained a majority in the Senate.

The Dow rallied by nearly 3% this week -- its best performance since March -- while the S&P 500 gained more than 2%. The Nasdaq was up less than 1%.

In corporate news, General Electric (GE) plunged 6% after an analyst at JPMorgan Chase slashed his price target on the troubled conglomerate to just $6 a share. GE has lost more than half its value this year.

Several tech companies reported earnings and outlooks that disappointed investors as well, including gaming giant Activision Blizzard (ATVI), online retailer and bitcoin investor Overstock (OSTK) and reviews site Yelp (YELP).

Activision and Overstock were each down about 15% while Yelp plummeted nearly 30%.

Shares of Chinese online retail giant Alibaba (BABA) fell 3% despite the fact that the company is gearing up for Singles' Day -- an annual shopping extravaganza for Chinese consumers -- on Sunday. (Singles' Day is always 11/11 -- a day of four ones.)

The one notable bright spot on the earnings landscape? Media giant Disney (DIS) impressed investors with solid results from its movie studio business. Disney's stock was up 2% and hit its highest level in nearly three years.

But shares of streaming media king Netflix (NFLX) dipped more than 4.5% -- partly due to the fact that Disney CEO Bob Iger announced more content plans for the company's upcoming Netflix rival, which will be called Disney+.

Mississippi Coronavirus Cases

Data is updated nightly.

Cases: 314710

Reported Deaths: 7254
CountyCasesDeaths
DeSoto21646260
Hinds20369416
Harrison17949309
Rankin13643278
Jackson13450246
Madison10113217
Lee9986174
Jones8384163
Forrest7689152
Lauderdale7198240
Lowndes6403148
Lamar623686
Lafayette6203119
Washington5341134
Bolivar4802132
Oktibbeha462998
Panola4596107
Pearl River4519146
Marshall4450103
Warren4393121
Pontotoc420872
Monroe4115133
Union411176
Neshoba4031176
Lincoln3969110
Hancock379586
Leflore3498125
Sunflower336290
Tate334784
Pike3327105
Scott316274
Alcorn313368
Yazoo311770
Itawamba300577
Copiah297465
Coahoma295579
Simpson295388
Tippah288768
Adams286982
Prentiss280060
Marion269380
Leake268473
Wayne262841
Grenada261587
Covington259881
George248148
Newton246862
Winston227581
Tishomingo227067
Jasper221148
Attala214473
Chickasaw208057
Holmes189174
Clay185554
Stone182833
Tallahatchie178941
Clarke178080
Calhoun170932
Yalobusha164638
Smith162534
Walthall134245
Greene130633
Lawrence128724
Montgomery127142
Noxubee126734
Perry126338
Amite123142
Carroll121829
Webster114532
Jefferson Davis107133
Tunica105726
Claiborne102430
Benton100025
Humphreys96733
Kemper95828
Franklin83923
Quitman81116
Choctaw76418
Wilkinson67531
Jefferson65728
Sharkey50217
Issaquena1686
Unassigned00

Alabama Coronavirus Cases

Cases: 539829

Reported Deaths: 11038
CountyCasesDeaths
Jefferson798271529
Mobile41261809
Madison35132506
Tuscaloosa25915455
Shelby25294249
Montgomery24705593
Baldwin21392310
Lee15987172
Calhoun14569319
Morgan14422280
Etowah13918353
Marshall12275225
Houston10641282
Elmore10147206
Limestone10065151
St. Clair9946245
Cullman9761194
Lauderdale9457243
DeKalb8865188
Talladega8339176
Walker7260278
Autauga7001108
Jackson6836112
Blount6771139
Colbert6320135
Coffee5578118
Dale4876113
Russell445138
Chilton4369113
Franklin426282
Covington4138118
Tallapoosa4044153
Escambia394777
Chambers3590123
Dallas3568153
Clarke351461
Marion3137101
Pike311977
Lawrence302698
Winston275773
Bibb264564
Geneva254078
Marengo249665
Pickens234862
Barbour232056
Hale223978
Butler219069
Fayette212662
Henry189643
Cherokee184645
Randolph182442
Monroe178141
Washington167739
Macon161150
Clay157157
Crenshaw153557
Cleburne149641
Lamar143236
Lowndes140553
Wilcox127430
Bullock123242
Conecuh110829
Coosa109228
Perry107826
Sumter104932
Greene92634
Choctaw61024
Out of AL00
Unassigned00
Tupelo
Partly Cloudy
82° wxIcon
Hi: 83° Lo: 56°
Feels Like: 82°
Columbus
Partly Cloudy
80° wxIcon
Hi: 82° Lo: 56°
Feels Like: 80°
Oxford
Mostly Cloudy
79° wxIcon
Hi: 80° Lo: 56°
Feels Like: 80°
Starkville
Partly Cloudy
79° wxIcon
Hi: 81° Lo: 53°
Feels Like: 79°
High pressure will continue to dominate our weather forecast for the end of the weekend. We will see our area filled with plenty of sunshine but clouds will be on the increase into the evening hours. There will be some changes for the start work week in our weather forecast as low pressure brings back some chances for showers and thunderstorms.
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